Mortgage resources
Plain-English answers before the paperwork gets complicated.
A starting point for common mortgage questions. Program rules vary, so use these as general information—not as a substitute for reviewing your actual loan scenario.
A direct lender offers the programs available through that lender. A mortgage broker can work with multiple lending sources and compare available options that fit a borrower’s situation.
No. Many mortgage programs allow less than 20% down, and qualified borrowers may have access to down payment assistance. The right structure depends on program rules, credit, income, property and available funds.
Yes, but income analysis can be more detailed. Agency programs generally use tax-return and business documentation rules, while some non-QM programs may offer alternative income documentation such as bank statements.
A strong preapproval is based on more than a credit pull. It should consider income documentation, assets, liabilities, the likely loan program and any property or underwriting requirements that can reasonably be identified in advance.
No. Start with your goals and facts. The purpose of the review is to determine which programs fit—not to make you diagnose your own mortgage first.
Have a question that is specific to your situation?
Mortgage guidelines are fact-dependent. Call or email Phil for a scenario-specific conversation.